Prudential makes Devey Asia chief

PRUDENTIAL has as appointed Rob Devey to lead the integration with American International Group's Asian life insurance arm.

The company is on verge of securing a deal for American International Assurance (AIA) for $35.5 billion.

But it still needs to complete a $21bn rights issue to fund the bid.

Devey, currently Prudential’s head of European operations, will report directly to Prudential Chief Executive Tidjane Thiam and takes up the role with immediate effect, the company said in a statement.

The 41-year-old is a former HBOS banker and managing director at Lloyds Banking Group and was instrumental in integrating the retail banking operations of Halifax and Bank of Scotland and divisions of HBOS and Lloyds.

He will continue to be responsible for Prudential UK and Europe but Andrew Crossley, managing director finance, and Barry O'Dwyer, managing director for retail life and pensions, will provide back up, becoming deputy chief executives at the unit.

Thiam said: “The appointment of an executive director to lead this effort is a clear indication of how crucial a successful integration is for the future of our company. Rob is ideally suited to the role.”